瑞达期货鸡蛋产业日报-20251203

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The spot price remains low, and the breeding end is still in a loss state. The market's enthusiasm for replenishment is poor, which is beneficial to the forward price. However, the in - production inventory of laying hens is still at a high level, and there is no excessive culling of old hens. High production capacity still restricts the performance of the near - month market price. Overall, the market is in a game between weak reality and strong expectations. In the short term, the near - month contract may be in a wide - range shock state, and it is advisable to try to go long on the far - month contract with a light position [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 3138 yuan/500 kilograms, with a decrease of 64 yuan compared to the previous period. The net long position of the top 20 futures holders of eggs is - 26186 hands, an increase of 2013 hands. The monthly spread of egg futures (1 - 5) is - 463 yuan/500 kilograms, a decrease of 13 yuan. The futures trading volume (active contract) of eggs is 168548 hands, an increase of 7677 hands. The registered warehouse receipt volume of eggs is 0 hands, a decrease of 29 hands [2] 3.2 Spot Market - The spot price of eggs is 3.11 yuan/jin, with no change. The basis (spot - futures) is - 29 yuan/500 kilograms, an increase of 64 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 114.24 (with 2015 = 100), a decrease of 1.02. The national culled laying hen index is 114.44 (with 2015 = 100), a decrease of 10.19. The average price of laying hen chicks in the main production areas is 2.7 yuan/feather, with no change. The national new - born chick index is 67.09 (with 2015 = 100), a decrease of 9.56. The average price of laying hen compound feed is 2.76 yuan/kg, with no change. The breeding profit of laying hens is - 0.41 yuan/hen, an increase of 0.05 yuan. The average price of culled hens in the main production areas is 7.6 yuan/kg, a decrease of 0.16 yuan. The average culling age of hens in the country is 510 days, an increase of 3 days [2] 3.4 Industry Situation - The average wholesale price of pork is 17.59 yuan/kg, a decrease of 0.21 yuan. The average wholesale price of 28 key - monitored vegetables is 5.87 yuan/kg, an increase of 0.01 yuan. The average wholesale price of dressed chickens is 17.61 yuan/kg, a decrease of 0.28 yuan. The weekly inventory in the circulation link is 1.2 days, an increase of 0.15 days. The weekly inventory in the production link is 1.1 days, an increase of 0.09 days. The monthly export volume of fresh eggs is 13394.53 tons, an increase of 178.74 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7472 tons, an increase of 88.6 tons [2] 3.6 Industry News - According to the data research of key slaughtering enterprises by Shanghai Ganglian, on December 3, 2025, the daily slaughter volume of old hens in slaughtering enterprises was 294300, a decrease of 0.41% compared to the previous day. Currently, although some farmers are reluctant to sell due to the expected egg price, most farmers still cull normally. The operating rate of slaughtering enterprises is not high, and they mostly purchase at reduced prices and volumes. The daily slaughter volume of slaughterhouses is mainly stable, with slight adjustments in some areas. The continuous losses at the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the culling volume of old hens. The inventory of laying hens has slightly decreased, and the market atmosphere has slightly improved [2]